BitGo, the first crypto firm to go public in 2026, saw its stock price drop nearly 22% on the second day of trading, closing below its IPO price. The company raised over $212 million at a $2 billion valuation, but investor enthusiasm was muted compared to gains in broader markets like the S&P 500 and Nasdaq. BitGo, known for launching Wrapped Bitcoin (WBTC), faces competition from upcoming crypto IPOs such as Kraken-linked KRAKacquisition Corp.

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